Business Owners Cautious About New Credit

According to the NY REPORT survey, a solid 43 percent of business owners are not currently seeking new lines of credit for their company.

While reasons for this can be as varied as types of businesses, financial advisors tend to applaud caution when it comes to applying for credit.

“I train my clients to build wealth first, then build assets, cash flow, and streams of revenue—all with their own resources,” says Ridgewood, NY–based business coach and consultant Santos Morales. “It may take just a little longer to get to the next level, but a business with low or no debt is more attractive to potential investors.”

Santos says that for small businesses, credit should be considered a “luxury that one should approach as one does window-shopping; you know it’s there, but can you really

afford it?”

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